The United States Chamber of Commerce has pledged $320 million to bolster mortgage refinancing and finance Small and Medium Enterprises in Nigeria.
This announcement was made on the X page of Nigeria’s Vice President, Kashim Shettima, on Tuesday, September 24, 2024.
Currently attending the 79th Session of the United Nations General Assembly in the U.S., Shettima emphasized President Bola Tinubu’s commitment to making Nigeria a welcoming environment for investors. The U.S. Chamber’s support for mortgage refinancing and women’s empowerment aligns with Tinubu’s economic initiatives.
At a recent U.S.-Nigeria Executive Business Roundtable, Nisha Biswal of the U.S. International Development Finance Corporation announced a $200 million investment in mortgage refinancing, part of a broader $1 billion portfolio. Additionally, $100 million has been designated for FCMB to support SMEs, particularly those focused on women empowerment. The Chamber also allocated $20 million to Robust International for processing cashew nuts in Nigeria.
Shettima expressed gratitude for the support, stating that the current administration is the “most investor-friendly in Nigeria’s history.” He highlighted Tinubu’s decisive actions, including the withdrawal of fuel subsidies and the unification of foreign exchange markets.
While at the UN, Shettima is set to deliver Nigeria’s national statement and engage in bilateral meetings with key global stakeholders, including the Secretary-General of the UN and leaders from various international organizations. President Tinubu did not attend the UNGA due to the ongoing flooding crisis in Borno State, which has caused significant loss of life and property damage.
